PVOS – Dung Quat Underground Oil Depot – Vietnam - Project Profile

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Synopsis

"PVOS Dung Quat Underground Oil Depot Vietnam - Project Profile" contains information on the scope of the project including project overview and location. The profile also details project ownership and funding, gives a full project description, as well as information on contracts, tendering and key project contacts.

The "PVOS Dung Quat Underground Oil Depot Vietnam - Project Profile" is part of Timetrics database of 82,000+ construction projects. Our database includes a 10+ year archive of completed projects, full coverage of all global projects with a value greater than $25 million and key contact details for project managers, owners, consultants, contractors and bidders.

The project involves the construction of storage tanks with total capacity of 1,000,000m3 of petroleum products and is being implemented in two phases.

The first phase of the project includes the construction of a storage tank with a capacity of 600,000m3 and the second phase includes the construction of a storage tank with a capacity of 400,000m3.

The project also includes the construction of tanks, pipelines, storage facilities and the installation of compression facilities.

In April 2013, the government approved the project.

PVOS signed a memorandum of understanding (MoU) with Socar Trading Singapore, Sebrina Holding Pte Ltd and PVOil Singapore. The foreign partners have committed to use most of the underground oil terminal for crude oil storage, serving international transactions and supply to local oil refineries such as Dung Quat.

PVOS will finance 40% of the total project value in equity and the remaining 60% (US$150 million) will be financed by the Korea Development Bank (KDB) in debt.

Scope

The project involves the construction of storage tanks in Vietnam.

The US$250 million project includes the following:

1. Construction of a storage tank with a capacity of 600,000m3 in first phase

2. Construction of a storage tank with a capacity of 400,000m3 in second phase